Bitcoin (BTC) Plunges to $8,300; Heres What Analysts Are Thinking – Ethereum World News

Bitcoin really hasnt done well over the past day. After printing a false breakout candle on Saturday that brought the price of the asset to $9,200, there was a rapid and violent reversal. What followed was a dramatic and steep downtrend that has taken the price of BTC as low as $8,300 just last hour (as of the time of this articles writing), marking a 10% drop from the highs.

Here are what analysts expecting is next for Bitcoin.

Although the price action that has transpired over the past 24 hours has been decisively bearish for Bitcoin, there are some expecting the asset to bounce.

NebraskanGooner, a founder of exchange Level and a noted crypto trader, remarked that as scary as that drop was, Bitcoin has fallen to his daily trendline support, depicted below. The trendline has acted as both resistance and support for at least two months now, suggesting it is a crucial level to keep an eye on.

With BTC currently holding the trendline NebraskanGooner indicated, he suggested that there is a chance that it can rally 15% or so back to $9,500, the top of the range he defined in the chart above.

NebraskanGooner isnt the only bull in this environment.

Prominent trader Big Cheds recently wrote that Bitcoin has his permission to bounce now. Backing this lofty sentiment, hepointed to a chart that showed that Bitcoin has found support at $8,400 over three times in the past few weeks.

Despite this bullish sentiment, the ball is seemingly in the court of bears, so to say. (Case in point, the price of Bitcoin has fallen to $8,200 in the minutes that Ive been writing this article.)

Cryptocurrency consultancy founder Burger remarked that Bitcoin could be printing a bearish head and shoulders pattern, which could mark a medium-term reversal for the price of BTC:

H&S pattern on the daily chart for $BTC which often marks the start of a reversal.

He added that with the existence of the coronavirus FUD, there may be some adverse effects on the cryptocurrency market as can be seen with traditional markets already.

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Bitcoin (BTC) Plunges to $8,300; Heres What Analysts Are Thinking - Ethereum World News